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Shanghai shares rise on plans to develop central China
By Feng Jianmin |
August 26, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed higher in the morning session after the central government announced guidance to develop China's central regions.
The benchmark Shanghai Composite gained 0.58 percent, or 15.11 points, to close at 2,611.69 points. Turnover sank to 45.3 billion yuan (US$ 6.7 billion) from yesterday morning's 56 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.92 percent higher at 1,121.72 points.
Six provinces in the central China including Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan are urged to release plans to develop urban construction, rural finance, manufacturing and transportation infrastructure by December.
Shares of companies located in these regions gained. Hefei Fengle Seed Co added 1.31 percent to 15.50 yuan. Henan Zhongyuan Expressway Co rose 1 percent to 3.92 yuan. Wuhu Conch Profiles and Science Co gained 1.14 percent to 10.62 yuan. Fiberhome Telecommunication Technologies Co went up 1.69 percent to 28.36 yuan.
Large coal producers led the gainers after Premier Wen Jiabao pushes mergers and acquisitions of coal enterprises so as to phase out outdated production facilities and reduce pollution. Datong Coal Industry Co grew 2 percent to 16.52 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 1.3 percent to 24.10 yuan. China Coal Energy Co added 2.28 percent to 9.85 yuan.
Steel and oil producers underperformed. Baoshan Iron & Steel Co was unchanged at 6.32 yuan. Beijing Shougang Co dipped 0.43 percent to 4.61 yuan. PetroChina edged up 0.2 percent to 10.25 yuan.
The benchmark Shanghai Composite gained 0.58 percent, or 15.11 points, to close at 2,611.69 points. Turnover sank to 45.3 billion yuan (US$ 6.7 billion) from yesterday morning's 56 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.92 percent higher at 1,121.72 points.
Six provinces in the central China including Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan are urged to release plans to develop urban construction, rural finance, manufacturing and transportation infrastructure by December.
Shares of companies located in these regions gained. Hefei Fengle Seed Co added 1.31 percent to 15.50 yuan. Henan Zhongyuan Expressway Co rose 1 percent to 3.92 yuan. Wuhu Conch Profiles and Science Co gained 1.14 percent to 10.62 yuan. Fiberhome Telecommunication Technologies Co went up 1.69 percent to 28.36 yuan.
Large coal producers led the gainers after Premier Wen Jiabao pushes mergers and acquisitions of coal enterprises so as to phase out outdated production facilities and reduce pollution. Datong Coal Industry Co grew 2 percent to 16.52 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 1.3 percent to 24.10 yuan. China Coal Energy Co added 2.28 percent to 9.85 yuan.
Steel and oil producers underperformed. Baoshan Iron & Steel Co was unchanged at 6.32 yuan. Beijing Shougang Co dipped 0.43 percent to 4.61 yuan. PetroChina edged up 0.2 percent to 10.25 yuan.
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